Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 06/07/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard an application (IA/1008(AHM)2026) filed under Section 99(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) within Company Petition (IB)/177(AHM)2026. The application was filed by Ratnaafin Capital Pvt. Ltd. as the applicant against Mr. Sushil Alkesh Agarwal, who is the personal guarantor to Saarthi Pedalogy Pvt. Ltd. (the corporate debtor). The applicant sought to have the Resolution Professional's report taken on record under Section 99 of the IBC and for the insolvency petition to be admitted. The bench comprised Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical). Representation was present for the Applicant/Resolution Professional (Mr. Aditya Raval, Advocate) and the Financial Creditor (Mr. Arpita Singhvi, Advocate), while there was no representation for the Personal Guarantor.
Final Outcome
The tribunal admitted the application and directed the registry to issue notices to both the Personal Guarantor (Mr. Sushil Alkesh Agarwal) and the Corporate Debtor (Saarthi Pedalogy Pvt. Ltd.). The applicant was instructed to collect the notices immediately and serve them along with a copy of the order via Registered Post/Speed Post, Dasti, and email to the registered email ID with the Ministry of Corporate Affairs (MCA). The respondents were given seven days from receipt of notice to file their reply. A subsequent rejoinder may be filed within seven days by the Interim Resolution Professional (IRP) and Financial Creditor (FC). The matter has been listed for further consideration on 22nd July 2026.
Topics: Insolvency Proceedings, Personal Guarantee, NCLT